The Vue

[Condoze34]

Depending upon your perspective, Trademark and Carilion should add nice 'filler' material between Vue and Tryon. This impressive tower will add a much needed three dimensional aspect to the skyline, taking it well out beyond the Tryon & College parallel corridors.

[Guest]

Depending upon your perspective, Trademark and Carilion should add nice 'filler' material between Vue and Tryon. This impressive tower will add a much needed three dimensional aspect to the skyline, taking it well out beyond the Tryon & College parallel corridors.

I agree with you most definitely. Visually speaking the Vue is only a block further from trademark, and there are midrises between it and the downtown buildings, cityview towers and 5th and poplar. I think teh vue will ad lots of dimension to the skyline that we did not have before.

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[InitialD]

I agree with you most definitely. Visually speaking the Vue is only a block further from trademark, and there are midrises between it and the downtown buildings, cityview towers and 5th and poplar. I think teh vue will ad lots of dimension to the skyline that we did not have before.

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Yes, it will all depend on where you view the skyline. From Bank of America stadium, the building is going to look a little bit alone. This photo, taken from the intersection of Jordon Place and North Davidson, you can see how the Vue is really going to extend the skyline. This was taken back on Dec. 21st so I need to go back soon and see how much higher it is from this angle.

[Guest]

Yes, it will all depend on where you view the skyline. From Bank of America stadium, the building is going to look a little bit alone. This photo, taken from the intersection of Jordon Place and North Davidson, you can see how the Vue is really going to extend the skyline. This was taken back on Dec. 21st so I need to go back soon and see how much higher it is from this angle.

See I really think visually the tower will really help the skyline look larger. Its really turning out to be much thinner than I thought it would be. Great shot by the way, I wish that you had posted this before. I love that you can see catalyst peaking through the former IJL and Avenue.

[AuLukey]

Yea, that angle, and the one from the stadium (and 77) were the ones that I was talking about before. They make the Vue look completely by itself. From BoA, the Vue looks about two-thirds the height of Trademark, so I would assume that from this perspective it should appear almost the same height.

[U4ick]

Blending into the skyline:

Glass rising:

[AuLukey]

I was looking at units at Fifth and Poplar today with a friend when we were looking at a unit facing the Vue and went out on the balcony; it seemed like every floor of the Vue was flooded with workers. I don't remember the last time I saw so many workers in one place.

I will also note that those balconies over Poplar do feel extremely close from the perspective of the residents on that side of Fifth and Poplar.

[CLTMichael]

I was looking at units at Fifth and Poplar today with a friend when we were looking at a unit facing the Vue and went out on the balcony; it seemed like every floor of the Vue was flooded with workers. I don't remember the last time I saw so many workers in one place.

I will also note that those balconies over Poplar do feel extremely close from the perspective of the residents on that side of Fifth and Poplar.

Correct, you The Vue is right there if you are on your balcony. The property value of those units facing The Vue have been hurt.

[Charlotte_native]

Correct, you The Vue is right there if you are on your balcony. The property value of those units facing The Vue have been hurt.

How would you be able to tell? 5th & Poplar units have been hard to sell for a couple years now. Lots of factors in that values of those places.

[ssh214]

I haven't been to Charlotte for a while, is there still that surface lot on the same lot as the VUE? If there is any ideas on what they'll do to it?

[dubone]

Preferred Parking still owns the lot across from the Teeter entrance, the land behind the old Firehouse and the strip of land along Graham across from Cans. Theoretically it will all be developed by them, but we can probably expect it to be revenue parking for a while.

[monsoon]

For those of you posting photos in this topic, Thanks for taking the time to do it and excellent photography.

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Those photos have a surreal look to them in these times. I am curious if anyone understands the financing behind this tower? This project reminds me of the band that continued to play merry songs in the midst of the mayhem on the Titanic as it getting ready to head to the bottom of the Atlantic.

[Windsurfer]

Those photos have a surreal look to them in these times. I am curious if anyone understands the financing behind this tower? This project reminds me of the band that continued to play merry songs in the midst of the mayhem on the Titanic as it getting ready to head to the bottom of the Atlantic.

LOL. That may be, but there is still some activity in The Trademark. I spoke to two different couples moving in this past weekend. Very nice and chipper people. It's not all gloom and doom down here.

[ES Charlotte]

i agree. I know a couple that were looking at several different places dtown this past weekend. They tried Avenue but found nothing for sale and about 10 units in a book of private owners. That doesnt sound so doom and gloom to me.

[sleightofhand]

i agree. I know a couple that were looking at several different places dtown this past weekend. They tried Avenue but found nothing for sale and about 10 units in a book of private owners. That doesnt sound so doom and gloom to me.

I do have a hard time imagining a circumstance where someone would put down a deposit for a contract to a pre-construction condo (Vue) in financial times such as today. I can understand someone purchasing a remaining condo at Avenue or Trademark with a reduced price. I don't think the Vue will sell any condos between now and the time the building is completed. I'm pretty sure the only way to make money on this project or break even was to finish the building.

[Charlotte_native]

I don't think the Vue will sell any condos between now and the time the building is completed. I'm pretty sure the only way to make money on this project or break even was to finish the building.

We also have no idea what the economy or the financing situation with lenders will be like in 2 years when this is done. Might be just like it is today, might have improved. You can't just stop everything in its tracks to see what happens when you've already gotten started. Considering the amount people were putting down on these, it isn't surprising they don't want to walk away from it.

[Guest]

Sorry to change the subject for a minute, but I was trying to figure out the floor count from the pictures, but none of them show the full 'scraper. Does anyone know the exact count that we are up to floorwise.

[urban980]

We also have no idea what the economy or the financing situation with lenders will be like in 2 years when this is done. Might be just like it is today, might have improved. You can't just stop everything in its tracks to see what happens when you've already gotten started. Considering the amount people were putting down on these, it isn't surprising they don't want to walk away from it.

I agree!!! I think some folks tend to forget that 90% of us are working. Even during the Great Depression (1929-1940), 70% of the US was employed. Charlotte became NC's largest city during the Great Depression too!!! From 1920 to 1940 Charlotte's population grew by almost 50%.

Even at our worst, we are a strong country when it comes to folks working. With that said, if the folks building the Vue have the financing, I don't blame them one bit for building quickly. If I had the $$$, I would be doing the same thing right now. The best part about a recession is knowing that things always pick back up. The Vue could come on the market at the beginning of the 2011 boom. It could actually be perfect timing on their part.

Sorry to change the subject for a minute, but I was trying to figure out the floor count from the pictures, but none of them show the full 'scraper. Does anyone know the exact count that we are up to floorwise.

I was at Harris Teeter (Fifth and Poplar) yesterday, and I think the project is close to the 19th floor. I did not actually count the floors however. I am only guessing from a quick glance. Edited February 4, 2009 by urban980

[Windsurfer]

I was at Harris Teeter (Fifth and Poplar) yesterday, and I think the project is close to the 19th floor. I did not actually count the floors however. I am only guessing from a quick glance.

I count 22 and working on the 23rd from my view at The Trademark.

[monsoon]

I agree!!! I think some folks tend to forget that 90% of us are working. Even during the Great Depression (1929-1940), 70% of the US was employed. Charlotte became NC's largest city during the Great Depression too!!! From 1920 to 1940 Charlotte's population grew by almost 50%....

It's actually much worse than this. The often mis-interpreted unemployment rate only counts the people seeking unemployment benefits. It does not count the people whose benefits have already run out, people who have given up on trying to find a job, people not eligible, and anyone who managed to get a part time job to make ends meet. It does not count people who have had their hours, pay and bonuses cut by their employers. Aside from that, we are taking about units that are running $400/sq ft or more. This is a very substantial investment and now that people are being required to show they can actually pay back these loans the number of people with the means AND willing to buy a unit in this building has got to be very limited. From what I last heard they never managed to sell more than 50% of the units and this was before the full impact of this recession hit. I would be interested to hear how many of these original contracts are still in place.

This is why I asked about the financing of the construction loan to build this tower. These loans are doled out piece meal and as time goes on they end up taking a bigger and bigger hit and are required to immediately start paying interest on these new amounts. This is why so many of these projects have stopped dead in their tracks because the financial reality of building a tower with no buyers is very very difficult.

[AuLukey]

I was at Harris Teeter (Fifth and Poplar) yesterday, and I think the project is close to the 19th floor. I did not actually count the floors however. I am only guessing from a quick glance.

Taken from that exact angle yesterday:

[Charlotteman]

The often mis-interpreted unemployment rate only counts the people seeking unemployment benefits. It does not count the people whose benefits have already run out, people who have given up on trying to find a job, people not eligible, and anyone who managed to get a part time job to make ends meet.

This makes an interesting point. I always heard 4% unemployment is for all intents and purposes full employment.

People that can afford digs at the Vue probably aren't the kind of folks generally crippled by economic downturns. (Of course that's just my humble opinion.) And plenty of well off folks have lost their homes, or are in danger of it---Ed McMann is a perfect example.

[urban980]

This is why I asked about the financing of the construction loan to build this tower. These loans are doled out piece meal and as time goes on they end up taking a bigger and bigger hit and are required to immediately start paying interest on these new amounts. This is why so many of these projects have stopped dead in their tracks because the financial reality of building a tower with no buyers is very very difficult.

I have heard that the Vue's developer is in the same boat as Novare. Meaning they have an extensive history of building high rise condos throughout the Nation, and with that comes good credit. Much like Novare, they can pretty much build an empty building and pray. This is only what I have heard. I personally know little about the Vue's developer.

Also, their building caters to borderline rich folks. In some cases, high end buildings don't need as large of a percentage of units sold to make a profit as low to moderate income projects do. Also, many buyers are not closing on any condo that has not been built yet (and do you blame them?). If 50% of this building is sold in the middle of a recession before the building's completion, that is a good sign. Once this building is complete, I think it will reach 85% sold rather quickly.

[monsoon]

The 50% came before the recession hit.

[Charlotte_native]

Regardless they are moving forward, and seemingly quickly, so they seem to have confidence in what they are doing.